QUESTION 15
What is the appropriate tax treatment for the following expenditure of the the Vick family in 2018:
Loss on the sale of the family car.
a. |
Not deductible (as neither a “for AGI” deduction nor a “from AGI” deduction) |
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b. |
Deductible in 2018 as a “from AGI”, subject to the threshold of 10% of adjusted gross income. |
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c. |
Deductible in 2018 as a “from AGI” and not subject to a threshold (other than the comparison to the standard deduction) |
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d. |
Deductible in 2018 as a “from AGI”, subject to the limitation of 60% of adjusted gross income. |
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e. |
Deductible in 2018 as a “from AGI”, subject to a collective $10,000 limit (with other similar items). |
QUESTION 16
What is the appropriate tax treatment for the following expenditure of the the Vick family in 2018:
The Vick’s health insurance premiums for health plan coverage through Mrs. Vick’s employer’s cafeteria plan. Premiums are withheld on Mrs. Vick’s pay on a pre-tax basis.
a. |
Not deductible (as neither a “for AGI” deduction nor a “from AGI” deduction) |
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b. |
Deductible in 2018 as a “from AGI”, subject to the threshold of 10% of adjusted gross income. |
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c. |
Deductible in 2018 as a “from AGI” and not subject to a threshold (other than the comparison to the standard deduction) |
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d. |
Deductible in 2018 as a “from AGI”, subject to the limitation of 60% of adjusted gross income. |
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e. |
Deductible in 2018 as a “from AGI”, subject to a collective $10,000 limit (with other similar items). |
QUESTION 17
A scholarship recipient at State University may exclude from gross income the scholarship proceeds used to pay for:
a. |
Only tuition and fees. |
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b. |
Only tuition and fees, books, and supplies. |
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c. |
Only tuition and fees, books, supplies, meals, and lodging. |
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d. |
Only meals and lodging |
QUESTION 18
What is the amount that Marlon must include in gross income for the current year?
a. |
$25,000. |
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b. |
$15,000. |
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c. |
$10,000. |
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d. |
$0. |
QUESTION 19
Which of the following, if any, correctly describes the earned income credit?
Would be available regardless of the amount of the taxpayer’s adjusted gross income. |
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Would be available regardless of the age of the taxpayer(s). |
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Requires a taxpayer to have a qualifying child to take advantage of the credit. |
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Is a refundable credit. |
QUESTION 15
. |
Not deductible (as neither a “for AGI” deduction nor a “from AGI” deduction) |
QUESTION 16
c. |
Deductible in 2018 as a “from AGI” and not subject to a threshold (other than the comparison to the standard deduction |
QUESTION 17
b. |
Only tuition and fees, books, and supplies. |
QUESTION 18
d. |
$0. |
QUESTION 19
Is a refundable credit.
I hope my workings are enough to undertstand | ||||||
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